Axel Springer raises stakes in Purplebricks

axel springer

Germany’s Axel Springer said it has increased its minority interest in Purplebricks from around 12.4 percent to approximately 26.6 percent.

The company disclosed in a statement that as part of the transaction, 43.7 million shares of Purplebricks will be acquired from various founding shareholders at a price of GBP 1.00 per share.

The company disclosed that at current exchange rates, Axel Springer’s additional investment amounts to approximately EUR 49 million.

Purplebricks was launched in 2014 and operates purplebricks.co.uk, quickly becoming the leading British hybrid real estate agent platform.

The company also owns a “hybrid real estate business in Canada and operates selectively in the US, where it is exploring the opportunities that exist,” the statement said.

The investment is coming a few days after Axel Springer announced that it is talking with KKR to take the company private.